National Bank of Abu Dhabi would be keen to buy the Egyptian operations of French banks, its chief executive said, as Europeans look to divest businesses in the north African country due to pressures on capital from the euro zone crisis.
However, the United Arab Emirates' largest lender by market value would only be interested if any deals met strict internal guidelines on acquisitions. The bank insists that assets are priced attractively, that it is able to secure a controlling stake and the operations are a strategic fit to its existing business.
"Yes, we would look at, opportunistically, using our capital to acquire, subject to the tests set out before," Michael Tomalin, chief executive of NBAD, told a July 30 analysts' call, according to a recording released by the bank on Tuesday.
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